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v3.8.0.1

Consolidated Statements of Income - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015
REVENUE |  |  |
Recovered cargo sales and other | $ 11,854 | $ 7,057 | $ 1,943,709
Exhibit |  |  | 58,352
Expedition | 1,236,623 | 4,675,978 | 3,328,190
Total revenue | 1,248,477 | 4,683,035 | 5,330,251
OPERATING EXPENSES |  |  |
Cost of sales - recovered cargo and other |  |  | 1,447,331
Operations and research | 3,438,389 | 8,267,401 | 11,428,506
Gain on sale of marine assets |  | (992,595) |
Marketing, general and administrative | 6,167,181 | 7,959,122 | 11,458,528
Common stock issued for subsidiary stock option settlement |  |  | 2,520,000
Total operating expenses | 9,605,570 | 15,233,928 | 26,854,365
LOSS FROM OPERATIONS | (8,357,093) | (10,550,893) | (21,524,114)
OTHER INCOME OR (EXPENSE) |  |  |
Interest income | 112 |  | 137
Interest expense | (2,727,235) | (2,396,994) | (4,551,799)
Change in derivative liabilities fair value |  | 3,402,416 | (1,175,971)
Gain on debt extinguishment |  |  | 5,611,907
Other | 63,074 | 467,396 | 388,595
Total other income or (expense) | (2,664,049) | 1,472,818 | 272,869
LOSS BEFORE INCOME TAXES | (11,021,142) | (9,078,075) | (21,251,245)
Income tax benefit (provision) | 0 | 0 | 0
NET (LOSS) BEFORE NON-CONTROLLING INTEREST | (11,021,142) | (9,078,075) | (21,251,245)
Non-controlling interest | 3,261,670 | 2,762,054 | 3,044,082
NET (LOSS) | $ (7,759,472) | $ (6,316,021) | $ (18,207,163)
LOSS PER SHARE |  |  |
Basic and diluted | $ (0.95) | $ (0.84) | $ (2.46)
Weighted average number of common shares outstanding |  |  |
Basic and diluted | 8,209,539 | 7,564,082 | 7,413,602

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